BluSmart’s Asset Leasing Initiative Crosses INR 100 Cr Mark In EV Financing

SUMMARY

The company said in a statement that within one year of its launch, the programme has witnessed 10X growth in monthly scale of financing secured by more than 25 partners

With this initiative, the partner can purchase electric cars and lease them to BluSmart

Besides, on the back of this initiative, BluSmart has also expanded its fleet by including premium offerings such as MG ZS SUV vehicles, in addition to Tata Tigor and Citroen eC3

Delhi-NCR based EV cab hailing startup BluSmart has said that its asset-leasing initiative, Assure by BluSmart, has crossed INR 100 Cr in book value within its first year of launch.

The company said in a statement that within one year of its launch, the programme has witnessed 10X growth in monthly scale of financing secured by more than 25 partners.

With this initiative, the partner can purchase electric cars and lease them to BluSmart. These vehicles are integrated into BluSmart’s platform, where they are used for passenger trips to generate earnings as it ensures partners receive fixed monthly rentals.

“The success of Assure by BluSmart demonstrates the strong appetite for sustainable investment opportunities in India, and the response to the initiative in its first year by our investors has been reassuring,” said Anmol Jaggi, Cofounder, BluSmart.

Besides, on the back of this initiative, BluSmart has also expanded its fleet by including premium offerings such as MG ZS SUV vehicles, in addition to Tata Tigor and Citroen eC3.

Founded by Jaggi and Punit K Goyal in 2019, BluSmart facilitates EV ride-hailing services and charging infrastructure across Delhi NCR and Bengaluru.

The company claims to have the largest EV fleet in South Asia with nearly 8500 EVs that have completed 21 Mn rides to date. BluSmart’s charging infrastructure includes 5,800 stations across 50 hubs in Delhi NCR and Bengaluru.

BluSmart has crossed an annual run rate (ARR) of INR 500 Cr ($60 Mn) in FY24, clocking 102% growth over the previous year.

Over the past three years, BluSmart’s gross business value (GBV) has delivered a CAGR of 300%.

The Delhi NCR-based startup competes against Bengaluru-based Lithium, Delhi-based eee-Taxi, Kolkata-based Snap-E Cabs as well as giants like Ola and Uber.

BluSmart counts Alteria Capital, BlackSoil, Stride Ventures, Mumbai Angels, BP Ventures and LetsVenture among its investors.